Whale's Contrarian Move: Shorting LIT and Doubling Down

According to Onchain Lens on January 13, a whale has transferred 10 million USDC to Lighter, despite the ongoing decline in LIT's price, initiating a hedging strategy.

This whale has taken an aggressive approach by opening a short position on LIT with 5x leverage. Additionally, it spent approximately $2.2 million to acquire 1.059 million LIT at an average price of $2.08 per token.

Notably, the wallet still holds 2.788 million USDC, suggesting the possibility of further investment or strategic moves.